Corporate Gifts Purpose and Business Ethics

1. Huda International C-40, Flatted Factory Complex, Jhandewalan, Delhi-110005 Contact No. 7982790227 hudainternational2@gmail.com Corporate Gifts Purpose and Business Ethics In the corporate world, gift giving is an important practice which strengthens relationships with key customers and employees as well. The purpose of giving corporate gifts must be clearly defined. Since corporate gifts are given directly to the key person, it forms one of the cheapest and easiest forms of direct marketing. There are certain guidelines and tips to be followed in giving corporate gifts. These guidelines are different for different countries as well as for different companies. Purpose and Role of Corporate Gifts: Corporate gifts being an important tool of promoting business, its purpose and role must be clearly understood. If its purpose is not defined or analyses properly then the impact of giving a corporate gift will be lost. If the purpose of corporate gifts is well defined then it can reinforce other marketing mixes such as: •Advertisement: If corporate gifts are presented along with a well-defined advertisement campaign then it will create a physical touch of the brand. This will support the brand promotion effectively.

2. •Sales Promotion: Presenting a gift along with the sales promotion enhance the brand value. This help in recalling the brand and the decision making speed will increase. There is a high chance of conversion into business. The objective of Corporate Gifting: The objectives that the company wants to achieve by giving corporate gifts should be defined clearly. The general objectives are brand promotion, brand awareness, increasing brand visibility and brand value, promoting new product or brand, building relationships with the clients – existing and new, and motivating the employee for better performance. Corporate gifts are a form of investment. It creates a perception in the mind of the receiver to return something to the giver. Also, sometimes it makes the receiver the feeling that he is honored for the past business. These manners build a strong relationship between the client and company and create more business with loyalty. Also, it is not only about obligation but corporate gifts practice must be of creating goodwill without any bond obligations. Gift exchange should not be only of business but it should also be of relationship which obviously turns into business in the future. It is also very important to know what the client is expecting from the company. The study is necessary to find out what the client wants. Whether the client is looking for a holiday package as a gift or he is looking of a cash discount. It is very important to know what the client is

3. looking for and we must try to meet his expectation so that the investment of gifting is not wasted. Ethics of Company & Corporate Gifting: Another one of the most important factor to be taken care while giving a gift is business ethics and culture. These two points should also be considered while presenting gifts. Different countries have different business ethics and culture and it must be respected and honor. Also, in the same way, the different company have their own way of business ethics and culture. Some company discourages its employee from taking the expensive gift and some company has a strict policy of not accepting any form of gifts. Huda International C-40, Flatted Factory Complex, Jhandewalan, Delhi-110005 Contact No. 7982790227, hudainternational2@gmail.com